BSE brokers against longer trading hours: Survey

Mumbai, Nov 25: A survey by the BSE Brokers Forum has indicated that the majority of brokers are not welcoming the extension in the trading hours of the stock exchanges.

Out of 418 trading members who took part in the survey, a vast majority of 79 per cent of the brokers want the Bombay Stock Exchange (BSE) to continue the current 9:55 am to 3:30 pm trading timing.

Out of the rest, 7 per cent felt that the markets should be extended in the morning session only while 5 per cent felt that the market should be extended in the evening session only.

A meagre 8 per cent of the respondents supported the extension of timings in both the sessions.

Apart from this, the survey also found that the brokers see no benefit in extending market hours in terms of getting volumes of the Asian Markets or getting a trend of the US Markets.

In Oct 2009, the market regulator Securities and Exchange Board of India (SEBI) approved long trading hours for the stock exchanges.

It allowed stock exchanges to extend trading by around two-and-a-half hours and set their trading time between 9 am and 5 pm.

Stock exchanges particularly the National Stock Exchange (NSE) demanded for this extension citing that it was losing out on the Singapore Stock Exchange (SGX) in the trading of Nifty futures.

OneIndia News